Sean,
Boulder is a great area in which to invest. I have a number of clients who have managed to pay for the education of their child at the University of Colorado with the appreciation in the value of the property during the term of that child's studies. Your best source of advise about the best areas would be a local Boulder Realtor.
I am a lender. I would be happy to counsel with you about financing that purchase. There are many and some times difficult considerations in obtaining financing for a rental property....particularly if it is a condo. If you wish to, please see my blog for more information. Thanks for your inquiry! - Wed Apr 20, 2011